UK traders lost over $34 mln to scammers in 2018 alone

UK traders lost over $34 mln to scammers in 2018 alone

Retail investors in the UK have lost more than 34 million USD to forex and crypto scams in 2018 alone, reveals the latest report, published by the Financial Conduct Authority (FCA).

Still, the data, gathered by Action Fraud shows a positive trend – individual loss due to scams decreased from 76 000 USD to 18 500 USD while total losses fell from over 48 million USD in 2017.

The total number of reported scams, however more than tripled to reach to 1834, where over a fifth are connected to crypto scams.

“Scammers can be very convincing so always do your own research into any firm you are considering investing with, to make sure that they are the real deal”, comments Mark Steward, executive director of FCA, adding that the regulator is considering a total ban on “high-risk derivative products linked to crypto assets.”

According to the report, more and more often scammers use the social media channels like Facebook and Instagram to hunt for new victims

Earlier this year the Australian Competition and Consumer Commission reported that in 2018 crypto scams in the country have risen by almost 200% with loses for investors reaching some 4,3 million USD.

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